The sight of skidded cars and bikes after a drizzle last week was a grim reminder that monsoon is also a season of mishaps and illnesses. Despite knowing this, chances are that you may miss one item in your regular monsoon checklist — insurance covers. You can always take precautions to avoid or minimise the damage, but what if adisaster strikes despite all efforts? Only an insurance cover can mitigate your financial losses in such a situation. It is prudent to use this monsoon to review your insurance needs. Some of the covers that you opt to buy this monsoon, will start only after a waiting period of, say, 30 days. But, that shouldn’t deter you from buying them, say experts. Health & Personal Accident Insurance Rain or shine, you must have a health cover. In fact, you should even get it for all the family members. “Basic hospitalisation indemnity plan accompanied by personal accident and hospital cash covers are essential during the monsoons. It is also … [Read more...] about Buy adequate health, home & motor insurance to mitigate any financial loss during rainy season: Experts
Does insurance cover hit and run
Backpacker Insurance: Planning to go on a leisurely vacation? Travelling around and making the most out of the holidays can be so much fun. However, the uncertainties of life can ruin the best of the plans. This is when you may need a backpacker insurance to cover up the possibility of a misadventure. Whether you’re exploring a new city, trekking on the mountains or swimming at the beach, the backpacker insurance will back you up financially in case of a rare untoward event.Companies offering Backpacker insurance policy: HDFC Ergo, IFFCO Tokio, and Future GeneraliCyber-security Insurance: The rapidly evolving technologies and increasing dependency on digitisation to manage businesses has undoubtedly boosted productivity and efficiency for companies and stakeholders alike. Transactions are possible by a click of a button today. However, the hackers have left no stone unturned to exploit the vulnerabilities of technology and milk money out of businesses and unsuspecting customers. … [Read more...] about Insurance policies that are probably unheard of
The Insurance Regulatory and Development Authority of India (IRDAI), on January 2, issued a circular mandating health and general insurance companies to offer a standardised product that will take care of the basic requirements of policyholders. According to IRDAI, the policy will be named as Arogya Sanjeevani Policy, succeeded by the name of the insurance company. The regulator said, no other name is allowed in any of the documents. Insurers will have to start offering the policy from April 1, 2020. “It is a welcome move to increase penetration in the lower-middle-income segment as this will come with a facility of paying a premium in instalments. Thus, making it an attractive avenue for people as it will not only be easy on their pocket but will also give them enhanced coverage. Moreover, since all the insurers have been directed to have the same coverage and exclusions, it will be simpler for the customer to understand,” said Gurdeep Singh Batra, Head – Retail … [Read more...] about 10 things to know about the standard health insurance policy an insurer has to offer
Insurance companies have always got special attention from Prime Minister Narendra Modi. When Modi came into power, he launched many low ticket insurance products such as PMJDY, PMJJY, PMJSY, etc. These products not only helped customers but empowered the sector. Considering the low penetration, there is more to be done, and insurers have its wish list. Insurers believe if Finance Minister helps them with these five things, life insurance will get more visibility. “Need to revise Section 80C”Currently, all the insurance policies are exempted from section 80C of the Income Tax Act. The section offers a tax deduction up to Rs 150,000 on various investments and payments, which insurers feel is too low and cluttered. Life Insurers claim that the major problem is that 80C is comprises of many other products, such as ELSS, PPF, NSC SSC, SSSC, etc. Hence policyholders don't get enough benefit. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “In order to enable … [Read more...] about Life Insurance Companies: Top 5 expectations from Budget
Two years ago the first initial public offer (IPO) from an insurance company hit the market. Today there are six insurers— ICICI Prudential Life, SBI Life, HDFC Life, ICICI Lombard, New India Assurance and General Insurance Corporation of India (GIC)—that have a trading history of at least a year. Have they fared well enough to provide protection to your portfolio? Not really. Some companies like New India Assurance and GIC have seen their share prices fall significantly in the past year. However, the sector continues to find favour with analysts (see table). The bullishness is reflected in Bloomberg’s consensus target prices as well – the expected one year return now ranges between 8% and 48%. While the stock market performance of insurance firms has not been great during the past year, their financial situations have improved steadily and that explains why analysts are convinced about their long-term potential. The larger scenario continues to be encouraging, … [Read more...] about Insurance sector finds favour with analysts: Should you buy these stocks?